77-Year-Old Bought Gold for Scammers — Twice. Lost $390,000: 'I Was Hoping It Was a Bad Dream'

When Jeffrey Maas retired, he and his wife believed their future was secure. After decades of work and careful saving, the New Jersey couple planned to travel across Europe, enjoy overseas cruises, and leave a financial legacy for their children and grandchildren.

Today, many of those plans have been thrown into doubt. The 77-year-old says he lost $390,000, nearly half of his life savings, after falling victim to a sophisticated scam that began with a single phone call and ended with strangers driving away with gold purchased using his retirement funds.

'I was hoping it was a bad dream, but it wasn't,' Maas told Business Insider.

An Email That Appeared Routine

The ordeal began on 5 June 2024, when Maas received an email appearing to confirm a payment of $691.05 for Norton Antivirus identity theft protection software. Believing the charge had been made in error, he called the customer service number listed in the message. According to a lawsuit later filed in New Jersey, the email was fraudulent.

The man who answered identified himself as Jason Green and claimed to be a PayPal representative. He assured Maas that the payment could be refunded and instructed him to complete an online form. During the process, Maas provided limited banking information, including the name of his bank and the last four digits of his accounts. Court filings allege that the scammers also gained remote access to his computer.

The Fake Deposit

What followed was the turning point. According to the lawsuit, Green told Maas that a serious mistake had occurred during the refund process. Instead of returning $691.05, he claimed that $300,000 had accidentally been deposited into Maas's account.

To support the claim, the scammer allegedly displayed what appeared to be a bank statement showing the transaction. Maas later learned the document had been forged. The caller repeatedly claimed he would lose his job if the error was discovered. Maas told Business Insider that the man sounded calm, professional, and convincing.

Soon afterwards, another individual joined the scheme. According to court documents, the second caller told Maas that the money needed to be returned immediately and warned that failing to do so could create tax complications.

Converting Savings Into Gold

That same day, Maas visited a PNC Bank branch in West Orange, New Jersey. Following instructions from the callers, he authorised a wire transfer of $300,000 to American Coin and Stamp Co, a precious metals dealer in Clifton, New Jersey.

The lawsuit alleges that Maas remained on the phone with the scammer throughout much of the transaction. According to the complaint, no one questioned why he was transferring such a large amount of money or purchasing a significant quantity of gold. After collecting the coins, Maas returned home.

A short time later, a vehicle arrived outside his property. Following instructions he had received over the phone, Maas placed the gold into the car through an open window. The driver then left.

A Second Demand for Money

The next day, the scam resumed. Green allegedly contacted Maas again and claimed another mistake had been made. This time, the caller said $100,000 had been deposited into Maas's account instead of a promised compensation payment. Once again, Maas was shown what court documents describe as a forged bank record.

Believing the transaction was genuine, he withdrew an additional $90,000 and purchased more gold. A second vehicle later arrived to collect the coins. This time, however, Maas began to suspect something was wrong. After a sleepless night, he contacted police.

Investigation and Lawsuit

According to the lawsuit, investigators later identified one of the drivers as Jaynesh Patel. Patel was arrested and charged in connection with a separate criminal investigation into the alleged fraud. He has pleaded not guilty. Maas has since filed a civil lawsuit against PNC Bank, American Coin, and Patel.

The complaint alleges that warning signs were missed throughout the transactions and that additional safeguards could have prevented the losses. PNC has sought dismissal of the lawsuit and has declined to comment publicly on the ongoing litigation. American Coin owner Jeffrey Angello has denied wrongdoing and described the allegations against his business as unfounded. Patel has also denied the claims made against him in the civil case. The allegations remain before the courts.